Goldman Sachs to Cut 4000 of Staff

 It was reported that on December 16th, Goldman Sachs Group Inc is planning to cut 8% of its employees by about 4,000 staff to navigate the difficult economic environment, a source familiar with the matter said.

The layoffs are the latest sign that cuts are accelerating across Wall Street as transaction dries up. Investment banking revenues have plunged this year amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps. Not long ago, tech giants such as Google, Apple, Facebook and Twitter also launched a major wave of layoffs after leading the way for more than a decade.

The recent years have seen a steady stream of scandals at the tech giants, and their aura is slowly fading. In this year, Twitter fired 3,700 employees on November 4th, Meta laid off 11,000 employees on November 9th, Google plans to lay off 10,000 employees, Amazon has already laid off 100,000 employees this year, and the company recently released its third quarter earnings report, which performed below investors’ expectations. Last week, Amazon’s market value once fell more than US$1 trillion, another all-time high. As the sluggish capital market environment continues, other companies may have to follow suit to cut staff. Just as Goldman Sachs and Blackstone’s decline is easy to see, whoever has association with the biggest cancer in the world, the Chinese Communist Party, is bound to follow the same fate of demise.